KPMG Hong Kong Risk Based Capital (RBC) Pillar 3 DisclosuresIn response to the challenges brought by the intersections of digital transformation, insurance, and regulation, KPMG developed a solution to help insurers take proactive steps to better fulfill their regulatory missions.
Automate your Hong Kong (HK) RBC reporting leveraging KPMG's technical expertise.
Whilst the Insurance Authority is still finalizing the Pillar 3 requirements and will update the industry later this year, we expect that the RBC Pillar 3 will necessitate a significant disclosure requirement for Insurance firms. The aim of these disclosures will be to enhance transparency and provide information to the public about the insurer’s risk assessments, capital resources, and capital requirements.
Utilizing reporting templates and underlying data model accelerators powered by the Workiva platform, KPMG HK can help your business prepare for RBC Pillar 3 disclosure requirements by enabling:
- Source System Extraction - Data can be extracted, or a data pipeline can be developed from source systems and moved to a temporary storage area to transform the data.
- Data Preparation - Map and transform data from source systems to a defined data model
- Disclosure Reports - Automatic generation of disclosure reports by refreshing the underlying data periodically
Leveraging the KPMG HK’s RBC Pillar 3 Disclosures solution enables your business to:
- Reduce Manual Effort on Data Processing - Automatic extraction and refresh of data from multiple source systems
- Data Reliability - Gain comfort over the reliability and accuracy of data by eliminating the chance of human error
- Ready to Use, Rapid Deployment – Pre-built data templates and data models allow you to focus on your reports while we take care of the rest.
- Minimal Change to Existing Ecosystem and Process – The ready-to-use solution does not require new programming languages nor general infrastructure to collect, store, analyze, and leverage data
- Forward Thinking and Extendable Solution Design - Enables the holistic and transparent assessment of customers’ overall financial condition.